The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) are joining forces to design a comprehensive framework for digital currencies, marking a significant shift in Nigeria’s approach to digital assets.
CBN Governor Olayemi Cardoso disclosed the collaboration during his annual lecture at the Lagos Business School, describing it as part of efforts to build a “sustainable and forward-looking” regulatory structure for digital finance.
“We are deeply in collaboration to ensure that all the different regulatory authorities can midwife a process that is sustainable with respect to digital currency,” Cardoso said.
The move represents a notable departure from the past, when the apex bank — under former Governor Godwin Emefiele — took a hardline stance against cryptocurrencies, directing banks to halt transactions with crypto-linked entities. That policy drew widespread criticism and was seen as an overreach into SEC’s regulatory space.
Under President Bola Tinubu’s administration, however, the tone has shifted. Cardoso’s comments reflect a growing openness among financial regulators to integrate innovation with stability, moving away from the combative posture of previous years.
Regulators Acknowledge Rapid Growth of Crypto Adoption
Cardoso admitted that regulators were initially caught off guard by the speed and scale of cryptocurrency adoption in Nigeria. He emphasized that both institutions now recognize the urgency of developing a clear understanding of digital assets and instituting robust oversight to manage their expansion responsibly.
Since Tinubu’s inauguration in May 2023, the CBN has stepped back from its aggressive stance, allowing the SEC to take a more active role in overseeing crypto-related activities.
Although details of the new digital currency framework have yet to be revealed, the renewed cooperation between the CBN and SEC signals a unified, progressive direction for Nigeria’s digital finance ecosystem — positioning the country as a potential leader in regulated digital innovation across Africa.